This week: FOMC likely to raise rates, Congress works to fund government

The Federal Open Market Committee (FOMC) begins its two-day meeting tomorrow and is widely expected to approve of another quarter-point interest rate hike. The House and Senate are both in session this week with their main priority on funding the government; current funding expires Friday.

Also this week, the Federal Communications Commission (FCC) meets Thursday and on its agenda is a second further notice of proposed rulemaking related to calls made to reassigned numbers. Last year, NAFCU voiced its support for the creation of a reassigned numbers database overseen by the FCC. NAFCU also recently met with the FCC to discuss the Telephone Consumer Protection Act (TCPA) and the commission’s efforts to target illegal robocalls (read more here).

The FOMC last raised the federal funds target rate by a quarter-point in December to a range of 1.25 to 1.5 percent. While the committee declined to raise rates in January, NAFCU Chief Economist and Vice President of Research Curt Long said February’s jobs report kept the Federal Reserve on track to raise rates this month.

 

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